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upset with this congress. >> president obama has invited nancy pelosi, john boehner, mitch mcconnell, and harry reid to the white house this afternoon for a fiscal cliff summit. >> here we are five days from the new year, and we might finally start talking. >> today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chamber of commerce. >> i don't know time wise how it can happen now. >> under senate rules, the only way a bill could make its way through the procedural hurdles in time is if every senator agrees not to. they'll have 24 hours. outside the beltway, carlino will be watching. >> everyone is kind of in a wait-and-see and fingers-crossed per expect tichb right now. >> since 1930 this is only the fifth time congress has worked after christmas. and today's summit is the first time president obama has met face to face with congressional leaders since mid-november. duarte, tick tock. >> thank you. >>> general schwarzkopf is being remembered this morning as a great hero and tactician.
, everybody, president obama calling on congress just moments ago asking to avoid the fiscal cliff. he said he is moderately optimistic that a deal could be done by december 31. congressional leaders are working on crafting a bill. certainly no grand bargain here that would improve entitlements. if they can't get a deal, the president has told harry reid to put the white house proposals up for an up or down vote. the details just keep on coming out. with us now are two guests. first, we are going to go rich edson. he is here with the very latest. tell us what you made of the president's comments. he was very direct. reporter: he was. and now he passes on to the senate. senate majority leader harry reid, senate minority leader mitch mcconnell. they are trying to come up with something that can pass the house and the senate. the president laid out a proposal earlier this evening. at the beginning of this meeting. $250,000 per year. that income would be shielded from tax increases, and now he wants an extension of unemployment insurance. that is something that essentially a nonstarter in a republ
. president obama and congress got back to work yesterday trying to find a deal to avid the cliff. there were signs of hope and signs of discouragement as both sides agreed to talk but again, both sides blaming each other for the stalemate. the president will host a summit at the white house today. tara mergener is on capitol hill with more. >> reporter: the fiscal cliff is still a few days away. but business owner don says he's already feeling the impact. >> a lot of our customers are holding back. they're apprehensive. they are not committing to projects. they're not -- you know they're waiting to see that's going to happen with the fiscal cliff. >> reporter: and hope is fading that congress can get a deal done before tax hikes and spending cuts kick in january 1st. >> i am not optimistic. >> reporter: even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a fiscal cliff summit. >> here we are.
,500. this evening, president obama telling congress, the american people are watching what we're doing here. he appeared in the briefing room a short time ago. let's go right to jon carl tonight. good evening. >> reporter: good evening, david. there are finally signs of life here in washington. after meeting with congressional leaders here at the white house, the president pronounced himself modestly optimistic that a bipartisan agreement can finally be struck that would prevent taxes from going up on virtually everybody in just four days. >> reporter: aftereeting with the congressional leaders, the president said there would be one more effort to come to a bipartisan agreement to avoid the fiscal cliff. >> the hour for immediate action is here. it is now. and the american people are not going to have any patience for a politically, self-inflicted wound to our economy. >> reporter: there are signs of progress. mitch mcconnell and harry reid have agreed to spend the next 24 hours to work a small plan to keep some taxes from going up. after the meeting, house democrat leader nancy pelosi told us
: president obama is rounding up the top four leaders in congress to meet at the white house. senate leaders harry reid and mitch mcconnell will be at that meeting scheduled for about seven hours from now. this could be their last chance to find terms they can all agree to. the president and senate got back to work yesterday. the house of representatives just got the call to return sunday night. a vote has been taken by monday or else automatic income tax increase will kick in on tuesday. republican aid say their leaders might now get on board with that. even so there is economic proof that many americans still fear going over the fiscal cliff. i'll have more on that in my next update. live in washington kyla campbell ktvu channel 2 news. >>> analysts say if the country goes over the fiscal shift it could send the economy back if into a recession. >>> secretary of state hillary clinton is expected to return to work next week. a specksman for clinton says she continues to recooperate at home. doctors say clinton contracted a stomach virus earlier this month and became dehydrated and fainted.
. breaking news, president obama urges congress to make a deal to overt the fiscal cliff. he announces no deal, but progress may be in sight. >> and that would be the wrong thing to do for our e con mu. it would be bad for middle class families and bad for businesses that depend on family spending. fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. >> it comes after speaker boehner left the white house. he didn't say anything to reporters and neither did anyone else who was seen leaving the meeting. here's what we do know. in just four days, taxes will go up on millions. and millions more will have their vital unemployment benefits run out. that's why president obama organized the meeting with vice president biden, speaker boehner, nancy pelosi and senators reid and mcco
years in jail to lying for federal agents. >>> if president obama and congress are not able to end the fiscal cliff people here will be hard hit. prop 30 voted into law in november will mean higher sales taxes and higher income taxes on the states top earners. the fiscal cliff would add to that. hitting all americans with higher taxes. the lowest income folks will see their take home pay shrink just over 3.5%. average earners 4% and top earners 6%. >>> the crystal ball that drops in new york's time square will have a little something extra this year. workers are already installing the 288 crystal panels. one of them is a little different from the rest. it's engraved with the name of dick clark. he hosted the new years eve telecast from time square for 40 years. this year's show will be hosted by ryan sea crest. >>> time now 6:26. let's go to tara. she is covering traffic. there is something going on in marin. >> yeah pretty minor thing. 101 northbound at highway 37 this is in novato. we have a stalled vehicle or someone that spun out. chp has not figured that out yet. right now let
. the crash involved real for cars and were reported just after midnight. >> president obama in congress are looking to keep automatic spending freezes from kicking in a pain has the stor\ed paine has the story >> nancy pelosi, which mcconnell, and john boe hner have four days to reach agreement or spending cuts would take effect. >> both sides are involved in a high-stakes political blame game. >> we are here in washington working. the members of house of represented or out watching movies, and watching the kids play soccer, basketball, and doing all kinds of things. they should be here. >> i told president i will be happy to look at what ever he proposes. a hard deadline. as i said this is the conversation we should of had to go. >> democrats want to extend the bush era tax cuts to everyone except those americans making $250,000 or more per year. republicans remain against any tax increases. >> most americans just wasn't begun. >> people are tired. >> islamic not reach a deal by january 1st many economists are concerned it could lead to another recession. >> ibm ed paine reporting. >>
and quite a lot of talking. no sign of a breakthrough. >> mr. obama has been talking to various congress people, looking at the pictures coming to us from the floor of the house, it does not look particularly busy. it does not look like there is a sense of urgency percolating through the system at the moment. >> president obama got back from his holiday early. the senate has convened now. they're looking to express their concern about the situation. members of the house of our as additives, which are really a key component. this is a refusal of of the republicans of the house of representatives. this is one of the key sticking point here. members of the house of representatives is not expected back here until the evening of sunday. then they can get to the president's desk and get it to cited by the end of the year. this is a tight timetable. the real sticking point seems to be the republican opinion in the house of representatives and they are not even in washington yet. >> is that january 1st deadline set in stone? are they locked into it? must it happen? presumably you have a couple o
with this congress. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a "fiscal cliff" summit. >> here we are five days from the new year, and we might finally start talking. >> reporter: today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chambers of congress. >> i don't know time-wise how it can happen now. >> reporter: under senate rules the only way a bill could make its way through the procedure hurdles in time is if every senator agrees not to slow the progress. the house will be back here sunday night giving them just more than 24 hours to vote on any bill the senate works out. outside the beltway, carlino will be watching. >> everybody's kind of in a wait-and-see and fingers crossed perspective right now. >> reporter: since 1930, this is only the fifth time congress has worked after christmas. tara mergener for cbs news, washington. >>> it is nearly 4:40 now. secretary of state hillary clinton plans to return
with the ongoing negotiations between congress and president obama regarding, um, the so-called fiscal cliff could be a one, two combination knock out for nation's economy. >> if a strike does happen that means a big chunk of the more than 14,000 members of the international longshoresmen association will be off the job. >> reporter: the ports impacted generate an estimated $11 billion in state and local taxes annually. but losses from any strike will be felt far beyond the coast, with industries as diverse as agriculture, manufacturing and retail taking a hit. that's got the national retail federation urging president obama to intervene: >> the ports are a critical component to the u.s. global supply chain and a potential strike or shutdown to the ports not only impacts retailers but all other businesses who rely on the ports to move the nation's commerce. >> reporter: the sticking point in negotiations: a decades old law, called the container royalty fund. it was established in the 1960s to help dockworkers displaced by technology, the port alliance says these days those royalties serve as a bon
exchange." i'm kelly evans. >> and i'm louisa bojesen opinion. >>> president obama calls congress back to the capital. >>> investors are bracing for the final eurozone bond sale of the year. italy is expected to see solid demand when it sells up to 6 billion euros of longer dated paper today. >> and japan's finance ministers saying other countries have no right to lecture japan on its currency policy instead calling for the u.s. to seek a stronger dollar. >>> let's take a quick check of the u.s. markets. the dow, nasdaq and s&p 500 down four days in a row something on the average of 2% when it come to the nasdaq. we're seeing pointed arrows this morning, again. looking to shed three or four points at the open, similar small decline seen for the nasdaq and for the s&p. most are still well in the green for the year, although december will be a down month unless the nasdaq can turn it around quickly. european bourses, the ftse 100 just barely lower, though, not moving too much. the xetra dax is an underperformer, down about .3%. the cac 40 also a mirror image of what we saw yesterday. the
. >> if president obama and congress aren't able to avoid the fiscal cliff people here in california will be hit especially hard because of prop 30 which was voted into law back in november. it will soon mean higher sales tax and higher income tax on the state's top earners. the fiscal cliff would add to that hitting all americans with higher taxes. >> i don't know, there's a word to describe how upset the public is going to be. nobody's going to be happy to see that happen. >> if taxes go up on everybody it's not going to be a happy time. but i think that's inevitably what's going to happen. >> they say the lowest income folks will see their take home pay shrink just over three and a half%. average earners 4% and top earners 6%. >> another sign the housing market is improving, the national association of realtors says pending home sales rose last month to the highest level in 2 and a half years. pending sales rose nearly 2% in november and that's the third month in a row it's gone up. >> amazon had a green christmas season. they announced the 2012 holiday sales were the biggest ever. they had s
and a plan for an economic growth and deficit reduction. >> that was president obama talking with four days left in that fiscal cliff deadline saying he's hoping congress will reach a deal on this. if not, he's asking them to bring a package to the floor that will protect middle class mrns. >>> coming up all brand-new at 6:00, american families are now banned from adopting russian children. we'll hear from one local family who calls it a death sentence for thousands of small children. >> before you get to work on your next home repair project, we're warning you about the dangers of trying to do it yourself. now a preview of what's ahead on world news at 6:30. >> the 11th our deal or no -- hour deal or no deal. tonight the track of the storm and where it will hit. >>> the nation is mourning the loss of the man who led allied forces in the gulf war. norman schwarzkopf was credited with winning the war and the public's imagination. >> reporter: in 1990, norman schwarzkopf was a little known general looking ahead to requirement -- retirement. then he led into the face of the u.s. counterattack,
, president obama and top members of congress meet today at the white house, and the house is holding a rare session on sunday. but there are no signs that any proposals are taking shape that both sides can agree on. >>> heartbreak for many americans now banned from adopting russian children. this morning, president vladimir putin signed a bill that blocks russian children from leaving the country, even if u.s. families have already started the process of adopting them. the ban appears to be in re retaliation for u.s. criticism of russia's human rights record. >>> it's back to work for hillary clinton after being sidelined due to a concussion. she hit her head earlier this month after a stomach virus caused her to faint. overseas travel will remain off the table for several more weeks. >>> a woman has been arrested suspected of running a fraudulent fundraising scheme to profit off the sandy hook shooting tragedy. the 37-year-old was charged with lying to the fbi agents investigating the alleged scam. she spoke off camera earlier this month with our own jeff rossen. the uncle of 6-year-old sh
people have a right to be very upset with this congress. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a "fiscal cliff" summit. >> here we are five days from the new year, and we might finally start talking. >> reporter: today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chambers of congress. >> i don't know time-wise how it can happen now. >> reporter: under senate rules the only way a bill could make its way through the procedure hurdles in time is if every senator agrees not to slow the progress. the house will be back here sunday night giving them just more than 24 hours to vote on any bill the senate works out. outside the beltway, carlino will be watching. >> everybody's kind of in a wait-and-see and fingers crossed perspective right now. >> reporter: since 1930, this is only the fifth time congress has worked after christmas. tara mergener for cbs news, washington. >>> today's meeting will be th
people. >> reporter: president obama flew home early from his hawaii vacation yesterday. speaker boehner called the house back into town for an unusual sunday session. but members of congress understand the 11th-hour actions may not be enough to appease the public. >> the american people have a right to be very upset with this congress. >> reporter: the fiscal cliff would bring massive tax increases and deep spending cuts. the treasury department would have trouble paying its bills. many economists worry the financial woes would plunge the u.s. back into a recession. just one possible effect of the fiscal cliff. milk prices could spike $2 or $3 a gallon, because farm programs will expire at the end of the year. some are calling that dairy cliff. live in new york, wendy gillette. >> wendy gillette in new york. thank you. >>> the country has lost one of its great warriors. tributes are pouring in this morning for retired general norman schwarzkopf. the general died yesterday in tampa after a battle with pneumonia. schwarzkopf commanded "operation desert storm" that drove iraqi forces from
in ten year's time. >> both houses of congress have passed tax relief that will protect the middle class. >> when it came time for the cuts to expire, the u.s. was emerging from the worst recession since the great depression. so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they are extended by 2020, the bush era tax cuts will be responsible for more than half the total national debt. democrats insist that taxes go up for the wealthy but stay in place permanently for those earning less than $250,000 a year. >> we need to stop the job killing tax hikes and we need to start cutting spending now. >> republicans refuse to play ball. they say no higher rates on the rich, no tax hikes on anyone. based on an ideology that calls on government to be as small as possible. its roots are as old as american politics, but the philosophies main spokesman is this man, grover norquist, president of americans for tax reform. his pledge signed by almost all republicans in congress for
solely at congress and president obama. >> i hope they take notice of it and it hits home with them that something needs to be happening. >> i don't know if it will work, but it's a great idea. >> at least do something, right? >> absolutely. get off their rear ends and do something. >> looks like they have written something on their cup there. >> it was hidden tore a second. yeah. it's there. >> do you think it's smart? >> i think it's good from the corporate world. at the they need to get people to come together. makes sense. >> if they would listen to starbucks they would solve this and we wouldn't go off the cliff. >> do you think it's a good idea? >> yes. >> do you think it will work. >> no. >> what do you think of the campaign. >> i think it's a great campaign because we don't want to pay higher taxes and have young people and seniors being affected by the economic hardship. times ever har. we've within in this almost ten years now so it's time to come together and solve a lot of issues outside of the fiscal cliff. >> do you think this will work, the campaign come together? >>
's promised to testify before congress about september's deadly consulate attack and in gauzy libya. the obama administration has been criticized for failing to offer adequate protection for the consulate and giving out misleading information about the attacks. hillary clinton says he takes responsibility for that. clinton says she takes responsibility for that. next, we're checking in on the markets as we inch closer to the so- called fiscal cliff. also ahead, what certain satellite cable customers can expect on their bill in the new year. and in lunchbreak: a "lean and green" sandwich made with edamame. reports on theports on the east coast will remain open. they have reached a tentative deal. the association will continue negotiations for another 30 days to work out remaining issues. the majority of the dispute was over the so-called container royalty fee. without the agreement a strike would have shut down ports from maine all the way to texas for the first time in 35 years. we still have the fiscal cliff to deal with. stocks falling for a fifth straight day. that is the longest slump sin
, his approval rating had sunk to a miserable 27%. congress had often been a thorn in the side of second-term presidents. it's a real question whether president obama will be able to forge a closer working relationship with congress this time around. then of course, there's the second-term scandal. clinton's second term dominated, basically ended after a year because the lewinsky scandal began. congressional investigation and impeachment that derailed any agenda he hoped to push in that second four years. >> i have to go back to work on my state of the union speech. i worked on it until pretty late last night, but i want to say one thing to the american people. i want you to listen to me. i'm going to say this again. i did not have sexual relations with that woman. ms. lewinsky. >> ronald reagan pushed through a tax overhaul in his second term. he also became embroiled in the iran contra affair. >> a few months ago, i told the american people i did not trade arms for hostages. my heart and my best intentions still tell me that's true, but the facts and the evidence tell me it is not. >>
in the last congress is not true. the problem is this and i feel bad for john boehner if you were obama you don't know who to negotiate with. even with john boehner were to come to obama with a deal, john boehner is being held host and by members of his own caucus who won't let him do that. boehner can work with democrats to get it passnd and throw some of his support with the democrats to get it passed but the problem for john boehner is he has an election coming up for his own leadership position on january 3 and he is afraid to do that. >> laura: again, and i understand why julie is saying this because the republicans don't have a ton of leverage here, stephen. >> they don't. >> they have very little leverage. >> all of the taxes go up, lawyer, a as you know, on january 2. >> is it that bad for president obama if we go over the cliff, oh, throw the nation into recession and lose all these jobs but he views everything through a political lens does he not? >> he does. >> laura: i think they made the calculation this won't hurt them one bit and they have gotten the peg on the tea he party a
of washington a resolution to the fiscal cliff was unlikely. but president obama returned early from vacation and is said to have a new proposal to offer congress, sparking a rally that left the dow down just 19 points. reports are swirling apple is moving production of its mac mini computers to foxconn plants in the u.s. apple may also be working on a smart watch. and, the new york stock exchange landed the most ipo for 2012. larry levin of trading advantage joins us now. larry, it feels like we are already hanging off that cliff. > > it definitely feels that way. everybody is obviously watching for some kind of news out of washington. that is what has moved the market every day for the past couple of weeks. it will be no different today. so i absolutely agree with you. > should investors be concerned about the move in the volatility index yesterday? > > it was interesting to see that, and it is really something that at least active investors watch on a regular basis, so any time the vix moves, i think it is something to watch. > what do you anticipate for the friday trade? > > i certainly t
obama cuts and get it going. if you are in congress. you make $175,000 a year. you get vacation days off. they go back and smoke cigars, eat steak, drink wine and laugh. >> andrea: is there something wrong with eating and drinking? if with pay them to do it. >> eric: they want to hit the buffet line. >> andrea: do it on their own time. not when the country is in a financial crisis. i think obama gets a superhero cape after this. >> andrea: people say republican goes down either way on this. but the house and the senate, this last election by blaming republicans. does he think he will get blamed for this? no. he figures i can do whatever i want. leave the republicans out for dead. >> eric: he is winning the messaging game. that is clear. >> andrea: i say that with confidence. he was able to say look, i was willing to meet them halfway. more than 50%. they don't want to work with us together. he is coming off strong, coming off the supporters, sticking to his position that he pledged to them with the campaign promises. what looks like house in disarray is boehner's house. >> bob: swy j to
between the white house, the senate, the congress moves to pennsylvania avenue. president obama meeting behind closed doors with house speaker boehner, senate majority leader harry reid and senate minority leader mitch mcconnell talking about doing something to keep more than trillion dollars in tax increases and cuts from taking effect next week. also joining that party today, america's happy warrior. vice president joe biden will be there. while some appear ready to compromise others are still ducking, dodging, trying to dump the blame elsewhere. >> we all have our ideas and in the senate, you're right. we probably another 40, 50, 60 of saying that we're ready to both raise revenues and control entitlements. when's the missing ingredient? it is presidential leadership. >> i think in the end we'll get a deal. the question is the timing. >> am hopeful there will be a deal that avoids the worst parts of the fiscal cliff, namely taxes going up on middle class people. >> it's pretty apparent that we are not going to do what we've been called to do. this is 112th congress. we have had two y
obama flew home early from his speaker boehner call the house back into town for an unusual sunday session. members of congress understand the 11th hour actions may not be enough to appease the public. >> the american people have a right to be very upset with this congress. >> reporter: the fiscal cliff would bring massive increases and deep spending cuts treasury department would have treble paying its bills. many -- many worry it would plunge the u.s. back into a recession. one possible effect of the fiscal cliff, milk prices could spike two or three dollars a gallon because farm programs will expire the end of the year. some are calling that dairy cliff. wendy gillette, abc news, new york. >>> mike jing us with a look at the -- mike joining us with a look at the forecast, more rain on the way? >>> in due time we'll get light rain not this morning high clouds to the east from sutro tower in san francisco where dry now live doppler 7 hd spinning tracking the showers, the rain i should say as it is developing over the ocean water right now let's see how far that is, 41 miles from s
in the next 24/48 hours. >> this is a typical pattern of the president. outsourced obama care, outsourced the stimulus bill. left this to congress, to do all the major works he wanted, left it to them. now he's handing it over. he's the only western this afternoon who doesn't have to bow to the god of re-election, he, if anyone, could compromise, he doesn't have to worry about getting re-elected again. that's driving decision making on both sides when it comes to congress, yet, he doesn't lead. he hands it over to a man who hasn't passed a budget in years. >> at 3:00, we'll meet. and i'll tell congressional leaders, you come up with the package, tyler. >> the real tragedy, what it says about the quality of leadership in this country. they can't lead, seem unwilling to lead. that's what's distressing to individual voters and to the markets. >> thank you, joining us, and thank you, out there. we'll join "mad money" right after this break. and we'll see michelle right after that on a special "kudlow report." let's give thanks - for an idea. a grand idea called america. the idea that if you w
at the white house where president obama is about to meet with key members of congress, and, rich, there's talk of a scaled down deal put forth by the president. what have you heard? >> it that is the discussion. you have harry reid, mitch mcconnell arriving at the white house, should have house leadership shortly to begin a meeting, a last ditch effort to try to help the economy avoid the fiscal cliff, or at least pieces of it, and, yes, the buzz around washington is a possible path forward that aids describe as preventing tax increase for income amounts of $400,000 or $500,000 or so, extend unemployment insurance, but, still, nothing has been agreed to. all in washington are waiting to see how this meeting goes. it's just about to start here in dc. meanwhile, on capital hill, the fighting continues, and in some corners, a sense of pessimism. >> if we don't have a deal within the next 24 hours, the question is where do you buy a parachute? we'll be going over the cliff because the closer we get to the end, the less likely it is you can compress an agreement into place that will have enough vot
obama say he's modestly optimistic that a last-minute deal can be reached with members of congress before america goes over the fiscal cliff four days from now. he's warning that no one will get everything they want, but he says that shouldn't stand in the way of reaching an agreement. >> we're now at the last minute. the american people are not going to have any patience for a politically self-inflicted wound to our economy, not right now. >> we are joined by former labor secretary robert reich, the author of "beyond outrage." i wish we had more time. i'd ask you all about how to fix it. but let's focus on this one part, secretary reich. you listened to the president. what did you hear? >> candy, i heard basically washington boilerplate, keep our fingers crossed, this is going to be a hail mary, but i have no idea how this is going to come out. >> when you hear him say, i've asked for an up-or-down vote, do you hear, there's a possibility or do you hear, uh-oh, this is a guy looking to position himself for after we go over the fiscal cliff? >> well, undoubtedly the president wants
hikes will tax place on january the 1st. >> president barack obama returned to washington deeply meyered in another partisan stalemate. but over in the capitol the lower house of congress remains dark to avert the fiscal cliff. it's republican leader will call the session on sunday. the top senate said his branch of congress must take the initiative on a compromise. >> it appears to me the action if there is any is now on the senate and we will have to see if we're able on a bipartisan to move forward. >> but the democrats say there can be no deal without republican concessions on tax increases. >> unless we get a sign-off from the republicans in the house, we can't get anything done. for them to talk about a bipartisan arrangement, we have done that. >> without a deal, the mediate effect would billion a tax hike. relief checks to $2 million -- 2 million onamericans would also cut, possibly triggers another major u.s. recession. >> things that you don't really need, you're not going to get. >> it will probably affect my finances in a huge way. >> it will affect my dad. my dad's 76 and he
. >>> this is a crucial day in the effort to keep the country from going off the fiscal cliff. president obama meets with congressional leaders this afternoon. white house is denying reports to send a scaled back plan to congress. a deal at this point would probably extend bush era tax cuts for most americans and raise taxes on the country's top earners. it could also include an extension of long-term unemployment benefits, spending cuts would also be postponed. house speaker john boehner will be at the meeting today. the house will convene for a rare sunday evening session. house majority leader eric cantor says the house could be in session until january 2nd, the day before the new congress is sworn in. boehner, meanwhile, maintains that it's up to the senate to act first. >>> millions of americans may watch the ball drop new year's eve in times square, but a group of democrats is organizing its own ball drop on capitol hill. they'll launch their countdown today. their ball represents republicans dropping the ball on middle class families should lawmakers fail to reach a deal to avoid the fiscal c
with bronchitis was transfered to the icu last weekend because of high fever. >> president obama is scheduled to meet with top congressional leaders in the oval office with the fiscal cliff deadline rapidly approaching. congress is cutting it close to avoid the fiscal cliff yesterday senate majority leader harry reid blasted speaker boehner for letting lawmakers go on vacation. house makers are not due back until sun -- house lawmakers are not due back until sunday. boehner said the house will take action on whatever the senate can pass. >>> all the early season rain and snow we've been getting has water experts optimistic about california's water supply. the storms have replenished many reservoirs snow has increased snow back to nearly 150% of normal. >> partial supply in the barn either in reservoir storm or snow pack. however, it still depends on the remainder of the season 2/3 of the wet season is still let. >> snow pack runoff normally provides cal with a third of its water supply. >>> more -- more water on the way. >> this storm is so close to the coast it probably won't get snow in the
, president obama and top members of congress meet today at the white house, and the house will hold a rare session on sunday. but there are no signs that any proposals are taking shape that both sides can agree on. >>> and now for a look at what is trending today, our quick roundup of what has you talking online. every day thousands of people update social media sites like facebook and twitter when they get sick. now sickweather.com is scanning those sites to help predict outbreaks of illness like the flu, letting you take your ge germophobia. >>> well, bravo is giving us a sneak peek inside lindsay lohan's bedroom for an upcoming episode of "million dollar decorators." they agree that the mirrored bed frame has got to go. you can see the full episode january 1st on bravo. >>> miley cyrus' cover of dolly parton's j"joline" is going viral. she just released the sessions she did with her band over the summer. here's a listen. ♪ joline, joline, joline >> video was only posted this week, but it was shot before miley got her new distinctive pixie cut. now let's go outside for a check of the w
. >> lawmakers have just been a more days to figure out how to avoid the fiscal cliff. present obama just spoke about this. rebecca cooper is in our newsroom with what we are hearing about the meeting. >> the president quoted yogi bear saying it is deja vu all over again with congress' continuing its bickering. now he is saying they should at least a vote on extending tax cuts for middle-class americans and extending unemployment benefits before january 1, because. >> the hour for immediate action is here. it is now. we are now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american paycheck will considerably smaller. that would be the wrong thing to do. >> after meeting with the president and treasury secretary, congressional leaders headed back to the capital without a deal. nancy pelosi insists some progress was made. disgorge by reports the would not be a deal todaythe dow closed down. the president did not make any new offers. congress should least extend tax cuts for everyone making $250,000 or less, and extend long-term unemployment
congress impressional leaders left the white house after a last-ditch fiscal k cliff meeting with president obama. the closed door meeting was an attempt to avoid the automatic tax headaches and spending cuts set to king at the start of the new year. with just three days to go republicans and democrats are still blaming each other. >> i want to thank all of you for being here to call upon the republicans not to drop the ball on the middle class. >> reporter: there was a new year's eve style rally saying the fiscal cliff ball is in the republicans court. >> it's republicans who are holding hostage the middle class in america so that the wealthy don't have to pay their fair share. >> we need two words. presidential leadership, while not just taxing rich people. >> reporter: tennessee republicans lamar alexander and bob corker said the president has to take the lead. corker was not optimistic about the white house meeting. >> we're going end one a small kick the can down the road bill that creates another fiscal cliff to deal with this fiscal cliff. >> reporter: today's meeting at the white ho
of congress will meet with president obama at the white house. it could be the last shot to avoid going over the so-called fiscal cliff. but is the meeting just for show or could we really truly be close to a deal? doug is live in washington with more details, what are we in for? >> to be a fly on the wall in this meeting. these are the players that will be there today. the president with congressional leaders from both parties to see if they can get something done. it may be substantive, it may be window dressing. >> any time you announce a meeting publicly in washington, it's usually for political theater purposes. nothing good ever comes from it. there is one thing you have to do in politics. if the president meets with a foreign leader, you want to make sure you know what's going to happen at the meeting. when the president calls congressional leaders to the white house, it's all political theater or they've got a deal. my bet is all political theater. >> kelly: well, we will see. >> congress thee receipticcally could get something done. we saw the congress work yesterday. the house is g
level since thanksgiving. the news that president obama did not come up with a new plan when meeting with congress just now, not good news for the markets, and we closed at session lows for the s&p 500 futures, probably indicating there's selling when trading reopens tonight and tomorrow morning as well. david: fasten the seat belts, a bumpy weekend and monday morning of trading, well below the 1400. shibani: dropping a percent. watching shares of rukus wireless with new highs, possivities with one stock. >> focus on that. it's been a rough week, month, and certainly day. here's the shares now, and there's the cymbal. they closed up 2.5%, but they hit an all-time high, only ipo last month, but they were down a lot since the ipo. the all-time high was 23.28, a rise of 5% basis. interesting to talk about a stock doing well oo a day when most everything is down. hard pressed to find an up arrow, but this is the fox business booth. welcome. we have our guard dog which is the rukus dog, gaae that out to the ipo down here. if you want to see, here's the hair spray and my pick, our booth fo
cliff. no to a cat food christmas. >> as president obama meets with congressional leaders at the white house, we speak outgoing democratic congress member dennis kucinich about the so- called fiscal cliff and a bill to continue the controversial domestic surveillance program. then, will the government -- of nerve north carolina pardon the wilmington 10? >> it is not a secret an injustice has been done. now, governor perdue has an opportunity to right the wrong. we cannot go back to 1980. this is 2012. >> the north carolina governor is being urged to pardon a group of civil rights activists were falsely convicted and imprisoned 40 years ago for the firebombing of a white owned grocery store. the conviction was overturned in 1980, but the state has never pardon them. we will speak with one of the wilmington 10 who served eight years behind bars and it became head of the naacp. all of that and more coming up. this is "democracy now!," democracynow.org, the war and peace report. i'm amy goodman. president obama is set to meet with congressional leaders at the white house just three days be
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